Busan I'Park Football Club was initially established as Saehan Motors FC back in 1979 and then reborn as Daewoo Royals FC in 1983. As a result, their year of foundation is often given as 1983. The club are one of only three sides to have played in every K League season since the league's inauguration that same year. Since then, they have won significant domestic and international honours. They are currently owned by the Hyundai Development Company.

In the team's debut season in the K League, they finished as runners up to Hallelujah FC, missing out on the title by just one point. Ahead of their second season, in 1984, the club turned fully professional. They won the second stage of the league season and, as a result, were entered into the championship playoff. Here, they beat Yukong FC 2-1 on aggregate to claim their first K League title. Two years later, in 1986, the club tasted international success for the first time, winning the AFC Champions League. In 1987, they won their second K League title.

In total, Busan I'Park have amassed four league championships, with their subsequent wins coming in the 1991 and 1997 seasons. The 1990s also saw the team lift the K League Cup in both 1997 and 1998. Then, in 2004, the club claimed their first FA Cup win, beating Bucheon SK in the final. This remains their most recent domestic honour.

Notable South Korean players to play for the side include senior internationals like Kim Joo-Sung, Ahn Jung-Hwan, and Jeong Shung-Hoon.

Busan I'Park have played their home matches at Busan Asiad Main Stadium since 2003. The venue first opened back in 2001 and was used to stage several matches during the 2002 FIFA World Cup. It is currently able to hold a maximum of 53,864 supporters.